What if I die in service?
The following benefits are available:
Lump sum death cover - If you die while you are still working for British Airways, your nominated beneficiary receives a Lump sum broadly equal to three times the elements of your pay that British Airways deem to be pensionable plus any AVCs. If you work part time the Lump sum is three times your part time equivalent of your pensionable pay.
The Trustees use your notice of wish as a guide when deciding who receives this money so you must keep this up to date. Notice of Wish.
Spouse or partner pension under Final Salary - The pension is two-thirds of your basic pension calculated using the years, months and days that you have paid for spouse's cover plus any spouse or partner pension that you have transferred in plus half the time remaining between the date of your death and your current Normal retirement age. If you have chosen not to pay for spouse's cover then the spouse or partner will not get a pension. Remember if you work part time we use your full time equivalent salary and your part time service in the Basic pension calculation.
Children's pensions under Final Salary - Your Dependent children under 16 (or 23 if still in full time education or seriously incapacitated) can receive allowances on your death. Each child's pension is 1/6 of your pension. Only two allowances are payable. However, the Trustees will spread the payments to more than two children if applicable.
If you die in service a special increase is also applied. Children's pensions are paid even if you have not paid for spouse or partner cover. If you have paid for spouse or partner cover but there is no surviving spouse or partner, then the children's pensions will be trebled for the period you have been paying for spouse or partner cover. Remember if you work part time we use your full time equivalent salary and your part time service in the Basic pension calculation.Under BAMPS, you can purchase a spouse, partner or children's benefits with your individual retirement account.
Surviving Dependant's Pension Form
My spouse or partner gets
My children get
I am working part time